Modeling Roth Conversions
My wife and I would like to convert $10,000 each per year from our regular IRAs to our Roth IRAs from now (we are in our early 60's) until we each reach 70. Since we are currently retired, we will be making no other contributions to our retirement accounts aside from the Roth conversions.
To model that in ESP, would we: 1) each enter $10K per year in the Roth column until age 70 on the Retirement Accounts/Contributions tab? and 2) each enter in the Retirement Accounts/Special Withdrawals tab $10K above the baseline annual retirement account withdrawal recommended in the Details/Retirement Accounts section of the report (e.g if recommended withdrawals are $60K without Roth conversions, input $70K per year special withdrawals from now until age 70)?
Re: Step 2, I first tried entering just $10K per year in the Special Withdrawals tab, thinking that only $10K each counted as a "special" withdrawal, but then ESP seemed to assume that our total aggregate retirement account withdrawals for those years was only $10K per person, rather than the $10K conversion, plus whatever we needed to withdraw to live on.